Pivot Points indicator daily, weekly, monthly for MetaTrader4 (mt4) and Metatrader5 (mt5) – free download
In this section you can download Pivot Points for MetaTrader4 and Metatrader5:
I tried to find the best Pivot Points indicator for a long time. I like this one the best, because of possible options. You can select periods for Pivot Points calculation, you can draw:
- 1-hour Pivot Points (only in MT4 pivot indicator)
- 4-hour Pivot Points (only in MT4 pivot indicator)
- daily Pivot Points (in MT4 and MT5 pivot indicator)
- weekly Pivot Points (in MT4 and MT5 pivot indicator)
- yearly Pivot Points (in MT4 and MT5 pivot indicator)
This indicator also draws Pivot Points history. This is a great option, because it helps to analyze trading system on historical price action. When you are trading Forex, you should pay attention to the Pivot Points. It works great on Forex pairs but also Pivot Points are in use by traders in CFD handel.
About Pivot Points
Pivot Points lines are calculated based on previous open, high, low, close data. So if we are using daily Pivot Points then lines are calculated on open, high, low, close from previous day. On chart we have:
- Pivot line – middle line
- resistance lines – R1, R2, R3… They are above Pivot line and are possible reversal levels when price is going up
- support lines – S1, S2, S3… They are below Pivot line and are possible support levels when price is going down
- middle lines – with MM labels – lines in the middle between supports and resistance lines
You can use Pivot Points in trading Forex, stocks, commodities and other instruments.
Pivot Point installation in Metatrader 4
You can watch how to install pivot points in Metatrader 4 here:
Or follow instructions below.
If you follow me for a longer period of time you know that I love pivot pivots. This is a great indicator which can help you to localize important reversal levels. You can find Pivot Points in many trading platforms but they are not preinstalled in Metatrader 4. You have to add them manually, I will show you how in this guide.
First, download Pivot Points files
When you finish downloading files, go to download folder and unpack your Pivot Points indicator.
If you have Pivots from my site, you should see two folders – MQL4 and templates.
Now copy files
Go to your Metatrader platform. Click File in the upper menu and select Open data folder. You should see a folder like this:
Can you spot the MQL4 folder? Open it and here you will find folders like:
Go to Indicators folder.
Now go back to your Downloads folder. Open MQL4/indicators folder and copy these two files:
Paste them into Metatrader MQL4/indicators folder
Do a similar thing with templates. Go to your Downloads folder, open templates, copy them:
And paste them in Metatrader templates folder:
Time to Refresh/Restarts
It is best to restart the Metatrader4 platform.
You can also click refresh. To do that, go to Navigator, right-click Indicators menu and select Refresh.
Add Pivot Points to the chart
Now it is time to add Pivots to the chart. The easiest way is to open navigator, go to Indicators and double click Pivot Points:
Now you should see something like this:
How to add daily, weekly, monthly Pivot Point indicator for Metatrader 5 (MT5)
First, download Pivot Point for Metatrader 5 files. Unzip files.
Next, you have to find Indicators folder. To do that, in Metatrader 5 go to File menu and select Open data folder:
You should see window like that below. Open MQL5 folder:
Inside MQL5 folder you should find an Indicators folder. Open it:
Next, copy pivot point files to that Indicators folder:
Now, you should be able to add Pivot Point indicator to the chart. Result looks like that:
If you want to select daily, weekly or monthly Pivot Point simply go to inputs and select time frame that you want:
Are they correct?
From time to time I get a question about values presented by Pivot points. People are not sure if they are correct. There is an easy way to check it.
First, you can calculate them manually and compare with values from Pivot Point indicator. The formula for Pivots is very simple so you should have no problem with calculation.
The second way is to check pivot values on websites like dailyfx.com or fxstreet.com and compare them with values from your indicator.
Form my experience I can tell that many times indicator itself works fine. The problem lies in your broker and market opening hours. If they are different than New York opening session then you will probably have a little bit different Pivot values.
Questions? Leave a comment and I will try to help you.
Frequently asked questions about Pivot Point
What are Pivot Points?
Pivot points are lines of support and resistance which are calculated on the basis of the price from the previous period (e.g. daily pivots are calculated on the basis of the previous day). They are used since the 80s, indicate potential places where you can take a profit and close positions or open a position in the opposite direction.
Where do Pivot Point lines come from? Based on what do they count on?
Pivot lines are calculated on the basis of the previous candle – e.g. daily pivots are calculated on the basis of the last daily candle, weekly pivots are calculated on the basis of the last weekly candle and so on. The calculation is based on a mathematical formula that takes values high, low and close. Then the following lines are displayed based on the calculation: middle Pivot line, resistance R lines (above Pivot), support S lines (below Pivot).
Can I use Pivot Points for day trading?
Yes, this was one of the first applications of Pivot Points in trading. It is best to use classic daily Pivot Points. They work very well in futures, stock and forex trading. Pay special attention to how S2, R2, S3, R3 leveles are respected.
Can I use Pivot Points for swing trading?
Yes, weekly Pivot Points or monthly Pivot Points will work well here (depending on whether for you swing trading is holding a position for a few dozen hours or more for several days).
Can I use Pivot Points with long term trading?
Yes, monthly Pivot Points or even yearly Pivot Points will work well here. Pay special attention to S2, S3, R2, R2, R3 levels – this is where the moves often end, profits are taken and corrections or even completely new trends begin.
What can I use Pivot Points for?
Pivot Point trading works especially well in two scenarios. First one – you have an open position and look for the best place to close it and take profit. In this case you will watch how the price reacts with the S and R levels and here you will make decisions about closing. Second – you are looking for the best place to open a position. Again, you will find the best place to do this in the area of S and R levels, where the price can be rejected (which is a good moment to enter the position).
How to open positions with the help of Pivot Points?
Pivot Point is not a ready-made system, but information about possible places where the price can turn back. You have to build your own system around it, which will define when you open and close positions. It can be based on trendlines, oscillators or price action. There are many ways to do this. The main thing is that the moment of entry, stop loss is clearly defined by your strategy.
What markets can I trade with Pivot Points?
On every market and time frame, where there is liquidity and some volatility. There is a small percentage of instruments that have very low volatility and liquidity and on such markets practically no strategy based on technical analysis will work. However, on all other types like Forex, stocks, commodities, indicies where there is at least a decent liquidity, you can trade with Pivot Point.
What is the difference between daily, weekly and monthly Pivot Points?
Pivot Points are calculated based on the last candle. So daily Pivot Points are calculated based on the last daily candle. Weekly Pivot Points are calculated on the basis of the last weekly candle (i.e. high, low, close from the whole last week), monthly Pivot Points are calculated on the basis of the last monthly candle (i.e. high, low, close from the whole last month).
How to install Pivot Point in Metatrader 4?
Pivot Points are not built into Metatrader 4. You need to download the Pivot Point script and add it to the Indicators folder. You can find instructions how to do it and download files here.
Why are Pivot Point effective?
For several reasons. First of all, big players are watching Pivot Point to take profits in the best possible place. Nowadays also trading robots pay attention to the location of Pivot Points. Additionally pivot lines very often overlap with oversold and overbought levels based on other analyses.
Where to learn to trade with the help of Pivot Points?
Start by adding Pivot Points to your charts. Delete other indicators and watch how the price behaves when it approaches pivot lines (pay attention to price action). There are several books about trading with the help of Pivots. You will also find good basics about Pivot Points on YouTube. If you are looking for additional materials, I recommend you my blog and newsletter.
What strategies work best at Pivot Point?
The price action near the pivot lines works very good. Pay attention to the trend lines and breaking out of the trend near the pivot lines are also important signals. Price pattern like double tops, triangles and other near pivot levels also give good signals. Divergences are other strategies that work well in combination with pivot points.
What is the difference between Classic Pivot Points, Fibonacci Pivot Point, Camarilla Pivot Point and others?
The difference is in the way these levels are calculated, that is in the mathematical formula itself. We take the same data, but calculate it a bit differently. Most often the middle Pivot line itself will be common to most varieties and the differences will be in the support and resistance lines. So what kind of pivots to use in trading? The best way to start is with the classic version – it is quite often used by different traders and trading robots. However, if you think about another version of pivots you can check on historical data if the price respected pivot levels.